How Much Will the Fed Cut?
Every Fed-watcher seems to be counting on a rate cut this afternoon. The question is: how big will the cut be and how will Wall Street respond? (Okay, that's two questions.)
Yesterday's huge rally, with the Dow surging nearly 11 percent, may have factored in all that anticipation. The Post's Neil Irwin and Anthony Faiola point out that there are a lot of factors going into the Fed's decision-making these days, including the massive sell offs in global markets and concerns about volatility in global currencies.
This morning, most overseas stock indexes appear to be encouraged by the U.S. markets rally. In Asia, the Hong Kong Hang Seng is flat, but Japan's Nikkei is up 7.7 percent. The DJ Shanghai fell 3 percent. Europe is even more upbeat. The DJ Stoxx index has gained 6 percent so far. In London, the FTSE gained 4.5 percent, France's CAC gained 6 percent and Germany's DAX fell less than one percent.
We'll be watching the market open, the Fed's decision and other financial news today, so stay tuned.
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